Falling Exports and Unsold Cargoes Test Nigeria’s Oil Sector

Where Are Nigeria’s Oil Exports Going? Nigeria’s crude exports outside of the country have fallen to their lowest reading in a year, averaging 1.2 million b/d this month to date, adversely affected by an explosion at the Escravos-Lagos pipeline earlier in December. Luckily, the country’s only operational refinery – the 650,000 b/d Dangote plant – has been mopping up Nigerian grades, importing 1.7 million tonnes this month, the highest on record. Nigerian crude has been faced with extremely tepid buying demand lately…